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MONDELEZ INTERNATIONAL, INC.

(MDLZ)
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Mondelez International : Ivory Coast says chocolate traders failing to pay farmers living wage premium

06/18/2021 | 02:24pm EDT

ABIDJAN, June 18 (Reuters) - Major chocolate traders in Ivory Coast are failing to pay a $400-per-tonne premium on beans aimed at curbing farmer poverty, the country's cocoa regulator said in a draft letter seen by Reuters on Friday.

The Coffee and Cocoa Council (CCC) said companies including Mondelz International Inc were offsetting the Living Income Differential (LID) by offering a negative country differential - normally a premium of 70 to 150 pounds ($99-$212) per tonne to reflect the quality of Ivory Coast's beans.

Mondelz said it was paying the full LID. "(Mondelz) does not offer or have any influence over negative country differentials," the company said in a statement to Reuters.

Buyers have been pressing for the country differential to be turned into a country discount, so farmers receive the extra cash but prices stay globally competitive.

"In recent weeks, when we have seen an upturn in economic activity and therefore in demand, the major groups have refused to pay the LID," CCC said.

The world's top cocoa producer has been locked in talks with exporters over the price of its beans as a bumper crop and weak global demand caused by the coronavirus pandemic, coupled with the introduction of the LID, pushed down sales.

"(We will) stop all the sustainability and certification programs of Mondelez that are ongoing with Cargill, and all the other exporters," said an official at CCC who asked not to be identified.

In November, Ivory Coast and Ghana suspended Hershey Co's cocoa sustainability schemes in their countries for six days, accusing the U.S.-based chocolate maker of trying to avoid paying the LID.

"Unlike Hershey, this time we are going to be tough on chocolate makers who want to bypass the LID. For us this is unacceptable," the CCC official said. (Reporting by Ange Aboa in Abidjan Writing by Hereward Holland Editing by Matthew Lewis)


© Reuters 2021
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Financials (USD)
Sales 2021 28 622 M - -
Net income 2021 3 983 M - -
Net Debt 2021 17 539 M - -
P/E ratio 2021 22,6x
Yield 2021 2,03%
Capitalization 88 426 M 88 426 M -
EV / Sales 2021 3,70x
EV / Sales 2022 3,56x
Nbr of Employees 79 000
Free-Float 70,0%
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Number of Analysts 23
Last Close Price 63,26 $
Average target price 70,17 $
Spread / Average Target 10,9%
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Managers and Directors
Dirk van de Put Chairman & Chief Executive Officer
Luca Zaramella Chief Financial Officer & Executive Vice President
Robin S. Hargrove Executive VP-Research, Development & Quality
Javier Polit Chief Information Officer
Lois D. Juliber Independent Director
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